Word: baileys
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...Bailey Smith himself lends partial credence to the doctrine of biblical inerrancy that he so vigorously champions. The poisonous remarks emanating from his pulpit are almost enough to persuade a skeptical reader of Genesis that talking snakes do exist...
...After five hectic days of staff work, the deal seemed set. On Sunday night of the July Fourth weekend, Du Pont Chairman Edward Jefferson flew from his headquarters in Wilmington, Del., aboard a King Air twin-engine turboprop to Stamford, Conn., for a midnight meeting with Conoco Chairman Ralph Bailey in that company's boardroom rotunda. Just after 1 a.m. the two weary, rumpled chief executives settled final details, sealed the agreement with a handshake and retired to Bailey's office for a round of Scotch and bourbon. Du Pont was paying some $7 billion in cash...
...that a large oil concern could be rationally integrated into a liquor company. They also feared that Seagram would bring in new management. Around the oil firm's headquarters, employees bitterly joked that the motto of a combined Seagram-Conoco enterprise would be "Drink and Drive." Chairman Bailey quickly searched for an alternative merger partner, or so-called white knight, to thwart Seagram's plans. His first choice was Tulsa-based Cities Service, an oil company less than half Conoco's size but with exploration rights to 10 million U.S. acres. Readily agreeing to talk, Cities Service...
...fact, quiet talks were actually going on only with Tulsa-based Cities Service, whose president, Charles Waidelich, had rushed from Oklahoma to a hotel suite at New York's Waldorf-Astoria for private meetings with Conoco's Bailey. Cities Service was seeking a merger for a reason surprisingly similar to Conoco's: to avert an attempted takeover of its Canadian oil and gas properties by another Canadian company, Nu-West Group Ltd., an Alberta real estate and energy exploration firm. Though less than half Conoco's size, Cities Service holds exploration rights to 10 million acres...
...been shopping for an acquisition in the U.S. since late last year, after having received $2.3 billion from the sale of a Seagram subsidiary, the Texas Pacific Oil Co., to Sun Co. of Pennsylvania. Earlier this month, Bronfman proposed a "friendly" bid to Conoco's chairman, Ralph Bailey, 57. Bronfman offered to pay $70 per share for 28.6 million Conoco shares, about one-third of the outstanding stock, though the company's shares were trading at only about $53. At the time, Seagram also promised that it would not seek full management control over Conoco for at least...